Early Access

10-QPeriod: Q1 FY2024

NEXTERA ENERGY INC Quarterly Report for Q1 Ended Mar 31, 2024

Filed April 23, 2024For Securities:NEENEE-PTNEE-PNNEE-PSNEE-PU

Summary

NextEra Energy, Inc. (NEE) reported solid financial results for the first quarter of 2024. Net income attributable to NEE rose by $182 million year-over-year to $2.27 billion, with diluted earnings per share increasing to $1.10 from $1.04 in the prior year period. This growth was primarily driven by stronger performance at its Florida Power & Light (FPL) subsidiary, which benefited from continued investments in its infrastructure, and a favorable swing in non-qualifying hedge activity within Corporate and Other segments. While NEER's results saw a decrease primarily due to less favorable non-qualifying hedge activity compared to the strong prior year, the segment still contributed significantly to overall earnings, boosted by new investments. The company's strong operational cash flow generation of $3.08 billion underpins its financial stability, enabling substantial capital expenditures and dividend payments. NEE maintains robust liquidity, with approximately $10.8 billion in net available liquidity as of March 31, 2024, supporting its ongoing growth initiatives and operational needs.

Financial Highlights

46 data points
Beta

Revenue

$5.40B

Net Income

$2.27B

0.4% Net Margin

EPS (Diluted)

$1.10

Total Assets

$179.95B

Cash & Equivalents

$1.64B

Free Cash Flow

$3.08B

Financial Statements
Beta
Revenue$5.40B
Operating Expenses$3.78B
Operating Income$2.01B
Net Income$2.27B
EPS (Basic)$1.11
EPS (Diluted)$1.10
Shares Outstanding (Basic)2.05B
Shares Outstanding (Diluted)2.06B

Key Highlights

  • 1Net income attributable to NEE increased by 8.7% to $2.27 billion for the three months ended March 31, 2024, compared to $2.09 billion in the prior year.
  • 2Diluted EPS grew to $1.10 in Q1 2024 from $1.04 in Q1 2023, indicating improved profitability on a per-share basis.
  • 3FPL's net income increased driven by continued investments in plant in service and other property, reflecting strategic infrastructure growth.
  • 4NEER's results were impacted by less favorable non-qualifying hedge activity compared to a strong prior year, though new investments provided a partial offset.
  • 5Operating cash flow remained strong, generating $3.08 billion in the first quarter of 2024, up from $1.67 billion in the prior year.
  • 6Total assets increased to $179.95 billion as of March 31, 2024, from $177.49 billion at December 31, 2023, reflecting ongoing business expansion.
  • 7The company maintained substantial liquidity with approximately $10.8 billion in net available liquidity as of March 31, 2024.

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